Philippines: Gold Market 2024

Gold Market Size in the Philippines

In 2021, after two years of growth, there was significant decline in the Philippine gold market, when its value decreased by -17.7% to $X. Over the period under review, consumption, however, continues to indicate slight growth. Gold consumption peaked at $X in 2020, and then declined markedly in the following year.

Gold Production in the Philippines

In value terms, gold production shrank rapidly to $X in 2021 estimated in export price. Overall, production, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 219% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

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Gold Exports

Exports from the Philippines

In 2021, shipments abroad of gold decreased by -14% to X tons, falling for the third year in a row after four years of growth. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 85% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, gold exports dropped markedly to $X in 2021. In general, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 93% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) were the main destinations of gold exports from the Philippines, together comprising 76% of total exports. China, Israel, India, Australia and Japan lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +106.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Hong Kong SAR ($X) and India ($X) appeared to be the largest markets for gold exported from the Philippines worldwide, together comprising 88% of total exports.

Among the main countries of destination, India, with a CAGR of +235.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, reducing by -13.6% against the previous year. In general, the export price, however, posted a prominent increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 92% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per kg in 2020, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per kg), while the average price for exports to Taiwan (Chinese) ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+62.4%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into the Philippines

In 2021, supplies from abroad of gold was finally on the rise to reach X tons after four years of decline. In general, imports, however, saw a noticeable downturn. The growth pace was the most rapid in 2014 when imports increased by 67% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, gold imports expanded rapidly to $X in 2021. Overall, imports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2014 when imports increased by 58%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X tons) constituted the largest gold supplier to the Philippines, accounting for a 70% share of total imports. Moreover, gold imports from Singapore exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sevenfold. The third position in this ranking was taken by Japan (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-9.6% per year) and Japan (-14.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of gold to the Philippines, comprising 70% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value from Singapore was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-17.3% per year) and South Korea (-25.2% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, with a decrease of -21% against the previous year. In general, the import price showed a abrupt slump. The pace of growth was the most pronounced in 2013 when the average import price increased by 59%. As a result, import price attained the peak level of $X per kg. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per kg), while the price for Malaysia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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